Don't Fight Japan's Printing Press

The Bank of Japan is already making history with its aggressive monetary easing. Behind the scenes, momentum is building for an even brisker pace of money creation next year.

On the face of it, this is incredible. The BOJ's current policy, launched in April, calls for at least 7 trillion yen, or around $70 billion, of government bond purchases a month. That is less than the $85 billion the Federal Reserve buys, but for an economy a...